Yes it does, however you will need a stable internet connection for it to actually work. Sometimes it might take awhile before the Pokemon will actually come. There are not many side-effects however you should take note that there is a weenie little chance, a microscopic chance that it will glitch your GTS so for this reason it is not recommended to use fake GTS's

LOL
Really, this is my first time using this. My settings were all at zero before, and I didn't know how do change them.
Still, I'm on my W2's aftergame with self-trained pokemans, and I'm gonna restart my SS.

Well you just have to set your Pokemon with all the sets and moves you want. You are only restricted to stay with 255 in every stat at maximum and that every IV can only reach 31, however your Pokemon can learn any move. When you are done setting your Pokemon then just click submit settings and the Pokemon you created will appear in the GTS as a received Pokemon, however the DNS code must be put in